Government planning 10% stake sale in IOC

The government has invited bids to appoint merchant bankers to manage a 10% share sale in the state-run Indian Oil Corporation through a share offer, a government statement said on Thursday.

The government plans to raise Rs 40,000 crores  through share sale in state-run companies during the current fiscal year 2013/14.

The last date for submitting bids in June 26, the statement said.